Upbit, a South Korean cryptocurrency exchange, said it is not participating in the issuance of Open USD, a U.S. dollar‑backed stablecoin. The exchange made the statement after being listed among more than 140 entities named by Open Standard as part of the project. Samsung Electronics, Shinhan Bank and K‑Bank have also said they have not agreed to take part.

Open Standard announced on Tuesday that more than 140 organizations, including Visa, Mastercard, BlackRock, Google, Samsung Electronics and Dunamu, had signed up to use OUSD. The project described the participants as founding partners that would govern the token and share revenue from its reserve assets, and said they could mint and redeem OUSD without fees or volume limits.

Upbit’s clarification follows similar denials from other South Korean firms that were mentioned in Open Standard’s list. The company said it had only expressed willingness to consider joining the ecosystem if it expands in the future.

Regulatory uncertainty in South Korea adds another layer to the consortium’s prospects. The country has not yet passed the Digital Asset Basic Act, leaving open questions about who may issue stablecoins and what roles non‑bank entities can play. Industry figures have raised concerns about the proposal, including Circle CEO Jeremy Allaire, who questioned the sustainability of free, unlimited minting and redemption, and ARK Invest research director Lorenzo Valente, who called the announcement a giant letter of intent.

With several listed organizations publicly stating that discussions remain preliminary, the consortium’s commitments are under scrutiny as South Korean regulators continue to debate the scope of stablecoin issuance.

An unresolved question remains whether the pending regulatory framework will clarify licensing requirements and reserve standards for companies considering participation in the Open USD project.